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Why Years of Experience Doesn't Make You the Best in the Business

They say there’s benefit to having 30 years’ real estate industry experience… I say dinosaur.

We’re living in a world of constant change, with invention and reinvention taking place right before our very eyes and beneath our very fingertips.

Goodness, we’re living in a time where data has overtaken the value of oil.

The old school way of thinking just isn’t going to cut it in any business – especially the real estate industry. Once tried and true, now tired and trivial.

People are selling and buying real estate very differently now to 10, 20, 30 years ago.

You can find apps offering a “home trade-in” platform. These “ibuying” platforms make buying a house no different to ordering dinner.

A relatively new app called what3words is helping house hunters find the exact location of properties, by geocoding every 3m square spot across the globe. No more arriving lost and confused to viewings.

Sellers are using totally different sales platforms too. More owners are taking their hand to self-managed sales and their property ads are appearing everywhere online.

On Gumtree you can find household furniture, a cleaner for your home and your new home all in the one place.

What’s next, swipe right for home sales?

Currently in many Sydney suburbs sellers are trying anything. Because they know for this moment, the power is in the buyer’s hands.

Earlier this year there were 115,000 homes listed nationwide. They were taking longer to sell, with more than 83% of Sydney properties on the market for more than 60 days.

While the Sydney market has shifted, still, in many areas buyers have their choice of stock and can negotiate hard on purchase price.

But that doesn’t mean they are – with analysis paralysis hitting first home buyers and investors, as they wait and wait, trying to pick the trough of the property market. Some make a move. Many still are not.

And then there are the buyers today that have totally given up.

More than a third of Australian renters feel homeownership is out of reach, according to a recent survey compiled by comparison site Finder.

After analysing data from over 2000 people, Finder discovered that 34 per cent of renters said the great Australian dream seemed impossible.

That translates to more than 900,000 Australian households assuming they will forever be on the rental treadmill.

How many of these renters reside in Sydney? A lot.

How many buyer’s agents are there across Sydney? A lot.

Is 30 years’ real estate industry experience going to help these renters find a home? Probably not.

Prospective buyers need savvy, inventive thinking from their buyer’s agent. Outside of Sydney purchasing thinking. 5.5% plus gross rental yield in Sydney thinking. 20% under market value purchasing thinking….

Beyond 10/20/30 years in real estate kind of thinking.

Could a converted church in a small town be an investment property to get your foot in your first door? Or a tiny home? Or a property in a prime interstate Airbnb location?

Data-driven thinking. Property psychology thinking.

Trends are wider than the ups and downs of the market now. We need to consider how social trends will affect our investment purchases too.

And that means not resting on your laurels as a buyer’s agent, but voraciously devouring every bit of information that could affect property sales and purchases.

You got that dinosaurs?